The deal gives NUVOtv parent SiTV Media control of a network that reaches 72 million Nielsen subscribers nationwide and is available on DirecTV (NYSE:DTV), Cablevision (NYSE:CVC), Comcast (NASDAQ:CMCSA) and Time Warner Cable (NYSE:TWC).

Lopez serves as NUVOtv’s chief creative officer and is a shareholder in the network, which features Latino music and entertainment.

“Music is my first love so the acquisition of Fuse is near and dear to my heart. It's exciting that between NUVOtv and Fuse we'll have the ability to deliver a broad array of terrific content both from a Latino perspective and across multiple genres, including music, to a broader audience,” Lopez said in a statement.

The deal calls for MSG to receive $226 million, a seat on the SiTV Media board of directors and a 15% equity stake in the combined company. That stake is subject to reduction based on certain undisclosed performance goals.

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Previous reports indicated Combs, the rapper formerly known as Puff Daddy, bid about $200 million for Fuse. Combs, who was once romantically linked to Lopez, wanted to convert the network into Revolt TV, which is backed by NBC Universal owner Comcast.

A Combs representative did not respond to a request for comment on the news.

While MSG landed a higher bid than the reported Combs offer, the owner of the New York Knicks and Rangers had been seeking about $400 million for Fuse.

As part of the deal, NUVOtv said it plans to utilize Fuse’s current street front studio on Seventh Avenue, which is directly across the street from Madison Square Garden, to “continue to create dynamic content.”